1. Consider Exhibit 9.2. What were the two highest rates of unemployment since 1948? When did they occur? 2. What could explain why unemployment is lower among workers with a relatively higher level...

1. Consider Exhibit 9.2. What were the two highest rates of unemployment since 1948? When did they occur?

2. What could explain why unemployment is lower among workers with a relatively higher level of education?

3. As an economic advisor, you observe that a firm’s total revenue is greater than its total cost. Will you recommend the firm to employ more workers to maximize profits? Explain your answer.